An investigation was announced for investors in NASDAQ:SPPI shares over possible breaches of fiduciary duties by certain directors and officers of Spectrum Pharmaceuticals, Inc..
Investors who are current long term investors in Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI) shares, have certain options and should contact the Shareholders Foundation at [email protected] or call +1(858) 779 – 1554.
The investigation by a law firm for investors in NASDAQ:SPPI stocks follows a lawsuit filed recently against Spectrum Pharmaceuticals, Inc. over alleged securities laws violations. The investigation on behalf of current long term investors in NASDAQ:SPPI stocks, concerns whether certain Spectrum Pharmaceuticals directors are liable in connection with the allegations made in that lawsuit.
According to that complaint filed in the U.S. District Court for the Central District of California the plaintiff alleges that the defendants made false and/or misleading statements and/or failed to disclose that the FDA previously questioned whether the data from the 611 and 612 Studies were clinically meaningful, that the FDA advised defendants in December 2012 not to submit the New Drug Application based on data from the 611 and 612 Studies, and that as a result, defendants’ public statements about Spectrum Pharmaceuticals’ business, operations and prospects were materially false and misleading at all relevant times
On September 14, 2016, the U.S. Food and Drug Administration’s Oncologic Drugs Advisory Committee (“ODAC”) voted against approval of Qapzola.
On September 16, 2016, an article was published that revealed in a December 2012 meeting, the FDA advised Spectrum not to file a New Drug Application for its bladder cancer drug. Although the FDA gave this advice, the Company misrepresented to investors in a May 2015 conference call that “we took this data, met with the FDA, and our understanding is and our decision is that we can go ahead and file the NDA with this drug.” According to the article, that was not a fully truthful summary of the FDA’s guidance to the Company. Shares of Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI) declined to as low as $4.35 per share on September 21, 2016.
Those who purchased NASDAQ:SPPI shares have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North – Suite 423
92108 San Diego
The post NASDAQ:SPPI Long Term Investor Alert: Investigation of potential Wrongdoing at Spectrum Pharmaceuticals, Inc. appeared first on GroundReport.
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